Bitcoin miner Bitfarms has hit a brand new milestone after rising operations in Argentina, the corporate mentioned in an announcement to traders.
On Thursday, the group hit a hashrate of 5 exahash per second (EH/s), that means 5 quintillion hashes per second had been achieved.
The all-time excessive was attributed to the enlargement of manufacturing at its farm in Argentina, which was first fired up final 12 months.
The ability, in Rio Cuarto, instantly boosted Bitfarms’s hashrate to 4.1 EH/s from 3.9 when it went reside in September.
Bitfarms Is Bringing Bitcoin Mining to Argentina
This has continued to extend, because the enterprise takes benefit of low vitality prices within the area.
The newest enhance got here as 2,100 new miners had been energized earlier this week, whereas some current miners who had been “underclocked” had been delivered to full capability.
“This thrilling second displays our workforce’s arduous work over the past two years leading to our largest, most superior, and lowest value facility,” mentioned Geoff Morphy, CEO of Bitfarms.
He added that the enterprise is now concentrating on a hashrate of 6 EH/s by the top of the 12 months, because it takes benefit of additional enlargement alternatives.
Argentina enlargement plans
The corporate has already bought one other 6,200 new Bitmain and MicroBT miners, which chief mining officer Ben Gagnon mentioned earlier this week would shortly be in transit and will deliver the enterprise’s whole hashrate to five.7 EH/s as soon as activated.
Much more orders for brand spanking new tools are presently within the works.
Power prices for the positioning are presently anticipated to be beneath $0.03 per KWh, Bitfarms CFO Jeff Lucas defined, giving Bitfarms a “best-in-class common value of Bitcoin mined.”
Bitfarms, which is listed on each the Nasdaq and the Toronto Inventory Alternate, has a complete of 10 mining services throughout Canada, the U.S., Paraguay, and Argentina.
The Laborious Reality About Bitcoin’s Power Consumption
Whereas the corporate makes use of hydroelectric energy to mine Bitcoin at its different websites, the Argentina location makes use of pure fuel.
The Argentina venture was first introduced in April 2021, with the preliminary contract as a consequence of final for eight years.
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